Bitcoin Rallies Back to $66,000, AI-Related Crypto Assets Surge

The crypto market experienced a surge on June 20, 2024, with bitcoin (BTC) climbing back to $66,300 and ether (ETH) reaching $3,600. The broader market, as measured by the CoinDesk 20 Index (CD20), also saw a 1% rise. Avalanche's AVAX was the top performer, increasing by almost 3.9%. XRP and Solana's SOL also showed gains, rising by 1.5% and 1.3%, respectively. The launch of the VanEck Bitcoin ETF (VBTC) on the Australian Securities Exchange (ASX) also contributed to the market's positive sentiment. The ETF, which invests in the company's Bitcoin Trust (HODL), ended the day at A$20.06 ($13.4) after trading 99,791 shares. The rise of AI-related tokens has been attributed to the growth of Nvidia's stock and the overall interest in AI technology. Fetch.ai's FET, SingularityNET's AGIX, and Ocean Protocol's OCEAN have seen significant gains, with the sector averaging a 15% increase. Miners are selling bitcoin faster than before, with the number of bitcoin held in miners' wallets reaching its lowest level since April 2019. This trend is considered a factor in bitcoin's lagging performance compared to the Nasdaq.